ETH funding attention has declined significantly since December 2022, and on-chain data and exchange traffic have weakened simultaneously
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Planet News: @Murphychen888 stated that since December 2022, ETH has been significantly weaker than BTC in key indicators such as capital inflows, position returns, and exchange traffic share. Figure 1 shows that ETH's exchange traffic share has continuously declined after falling below 35% since the end of 2022, far lower than the over 50% high reached in September 2021; in Figure 2, ETH's MVRV indicator has been long-term lower than BTC since December 2022, reflecting the continued lag in unrealized profits for ETH holders; Figure 3 further points out that ETH has experienced net capital outflows since February 15, 2025, with $6.2 billion flowing out in just the past 30 days, while BTC maintained a net inflow of $5.4 billion during the same period. Analysis suggests that after completing the transition from PoW to PoS on September 15, 2022, capital's attention to ETH has gradually weakened, and the market structure may have quietly changed. To regain its dominant position, it may need to win back capital's favor.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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